China’s Kaisa receives 64 applications for loan asset preservation

By Caroline Salls

Pittsburgh, March 13 – Kaisa Group Holdings Ltd. said a total of 64 applications had been received by creditors as of March 12 in connection with the preservation of the group’s onshore loan assets, according to a news release.

Out of these 64 applications, the company said it received a total of 25 civil rulings from the relevant People’s Republic of China courts in connection with the asset preservation, which increased to RMB 13,756,570,000.

In addition, out of the 64 applications, Kaisa said it received a total of 26 notices of participation to action.

According to the release, the group intends to resolve these civil rulings with the creditors through negotiation.

As of March 12, Kaisa said it did not receive the relevant rulings from the courts in connection with any of the applications. As a result, the company said it is not in a position to ascertain the total amount involved until the rulings are received.

Out of the 41 notices, The company said 15 notices of participation to action are related to dispute over purchase contracts and processing contracts, with a total contractual sum of RMB9.47 million.

Kaisa Group is a Shenzhen, China-based property development company.

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